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PetroChina, Beijing Gas Group to build new gas pipeline

Apr. 1, 2009 (China Knowledge) - PetroChina<601857><857><PTR> and Beijing Gas Group Co Ltd, an arm of Beijing Enterprises Holdings Ltd<392>, plan to invest RMB 20 billion via a joint venture (JV) to build the third gas pipeline between Beijing and Shaanxi, sources reported.

The project will handle up to 16 billion cubic meters in gas per year and will go into operation in the latter half of 2011. 

Zhou Si, vice president of Beijing Enterprises, said that the first two gas pipelines, which are under construction, will have an estimated capacity to transport 15 billion to 16 billion cubic meters of natural gas annually. The entire investment will be 60% and 40% injected by PetroChina and Beijing Gas Group, respectively.

Reportedly, Beijing Enterprises intends to invest more than RMB 2 billion in the gas business this year.

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